Business
FG Announces N75 billion Interest-free Loan For 1.5m Market Women
President Bola Ahmed Tinubu-led government announced on Tuesday that it will kickstart providing a non-interest loan of N50,000 to 1.5 million market women under the Government Enterprise and Empowerment Program.
Dr Betta Edu, the Minister of Humanitarian Affairs and Poverty Alleviation, disclosed this during a courtesy visit to the Minister of Information and National Orientation, Mohammed Idris.
She stated that the N75 billion market women fund, to be named the Iyaloja Fund for underprivileged female traders, is set to be inaugurated on Oct 17.
According to the Minister, the initiative aims to boost their capital and foster business expansion.
The minister said in Abuja that the program would unfold in three phases, with the first set to benefit 500,000 individuals.
READ ALSO: 11-year-old Boy Shoots US Teenagers With Mother’s Gun On Football Field
“We will start immediately with the GEEP Programme; we have Iyaloja Funds, equivalent to Market Women Money. We have the Jaga Funds, a capital fund for traders, and Farmers’ Money, the Hugo Fund. The Farmer’s Money will be provided to the poorest farmers, enabling them to go into the next farming season.
“The Iyaloja Fund will provide for poor market traders in the market, helping them improve their capital and expand their businesses. These are non-interest loans given to these persons,” she said.
Business
Naira Records Depreciation Against US Dollar Across Official, Black Markets
The naira depreciated against the dollar at the official and parallel foreign exchange markets on Monday to begin the new month on a bearish note.
Central Bank of Nigeria’s data showed that the Naira weakened to N1,448.44 on Monday, down from N1,446.74 traded on Friday last week.
READ ALSO:Naira Records First Depreciation Against US Dollar Across Official, Black FX Markets
This means that the naira dropped by N1.7 against the dollar on Monday when compared to Friday.
Similarly, at the black market, the Naira declined by N5 to N1,475 on Monday from N1,470 at the close of work last week.
The development comes as Nigeria’s foreign reserves stood at $44.61 billion as of November 27th, 2025.
Business
NNPCL Revenue, Profit Soar To N5.08tn, N447bn In October
The Nigerian National Petroleum Company Limited has announced a significant revenue increase to N5.078 trillion for October 2025.
The state-owned firm disclosed this in its monthly financial report released on Saturday.
According to the financial report, from N5.078 revenue in October, the company posted a N447 profit after tax.
READ ALSO:N5bn Damage: NNPCL Secures Appeal Court Victory Against Ararume
The figure represents a significant 19.2 percent increase in revenue from N4.26 trillion and a 106 percent rise in PAT from N216 billion in September 2025.
The report stated that from January to September, NNPCL paid N11.150 trillion in statutory payments to the federation.
Four days ago, NNPCL posted a total of N45.1 trillion as total revenue for the 2024 financial year.
Business
NNPCL Reveals Reason Behind N5.4trn Profit After Tax
The Group Chief Executive Officer of Nigerian National Petroleum Company Limited, NNPCL, Bayo Ojulari, has explained that the state-owned firm’s N5.4 trillion profit after tax declaration in its 2024 financial statements indicates that the country has begun to reap the benefits of the Petroleum Industry Act.
He made this explanation in an interview released on NNPCL’s X account on Friday.
Recall that NNPCL declared a significant N5.4 trillion PAT from a total revenue of N45.1 trillion in 2024.
READ ALSO:N5bn Damage: NNPCL Secures Appeal Court Victory Against Ararume
Reacting, Ojulari said the earnings result demonstrated the state-owned firm’s commitment to transparency.
“This earning is our first step in going out there to make ourselves more visible and demonstrate our commitment towards transparency. The profit of N5.4 trillion is quite significant. What that indicates is that we are beginning to reap the benefits of the Petroleum Industry Act.”
According to DAILY POST, since Ojulari’s appointment in April 2025, NNPCL has been consistent in making its monthly financial records public.
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